If you’ve ever passed by farms or construction sites, chances are you’ve seen the work of Oswal Pumps in action – quietly powering water systems, borewells, and solar setups. Started back in 2003 in Karnal, Haryana, Oswal Pumps has built a niche around solar-powered and grid-connected submersible pumps and motors, making them one of the key suppliers under the Indian government’s solar initiatives.
Now, they’re entering the public markets, opening up investment opportunities for everyday investors through their upcoming IPO. Here’s all you need to know about the Oswal Pumps IPO.
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Oswal Pump IPO: Key numbers
The company plans to raise ₹1,387.34 crore through a combination of:
- Fresh Issue of shares worth ₹890 crore
- Offer for Sale (OFS) worth ₹497.34 crore, led by promoter Vivek Gupta
The fresh capital will largely go into expansion and debt repayment (more on that below), and the listing is expected to give Oswal greater visibility and access to broader capital markets.
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Where does Oswal stand today?
Oswal has shown rapid growth in recent years. Below is a quick look at how their financials have shaped up:
Oswal Pumps financials (₹ in crore)
| Metric | FY22 | FY23 | FY24 | 9M FY25 |
| Revenue | ₹361.11 | ₹387.47 | ₹758.57 | ₹1,065.67 |
| Profit After Tax (PAT) | ₹16.93 | ₹34.20 | ₹97.67 | ₹216.71 |
| Net Worth | ₹24.57 | ₹59.97 | ₹160.17 | ₹378.80 |
| Total Assets | ₹221.84 | ₹252.30 | ₹511.28 | ₹1,096.01 |
| Total Borrowings | ₹87.54 | ₹59.28 | ₹75.42 | ₹346.30 |
The numbers show strong topline growth and a sharp jump in profitability—a trend that could attract long-term investors looking for growth-oriented industrial companies.
Key IPO details at a glance
Oswal IPO snapshot
| Detail | Information |
| IPO Open Date | 13 June 2025 |
| IPO Close Date | 17 June 2025 |
| Price Band | ₹584 – ₹614 per share |
| Lot Size | 24 shares |
| Total Issue Size | ₹1,387.34 crore |
| Fresh Issue | ₹890 crore |
| Offer for Sale | ₹497.34 crore |
| Face Value | ₹1 per share |
| Tentative Listing Date | 20 June 2025 |
| Exchanges | BSE, NSE |
| Lead Managers | IIFL, Axis, CLSA, JM, Nuvama |
| Registrar | MUFG Intime (Link Intime) |
| Estimated Market Cap | ₹6,700 crore – ₹6,998 crore |
Shareholding pattern pre- and post-IPO
| Shareholder Type | Pre-IPO Holding |
| Promoters | 99.88% |
| Public | 0.12% |
| Post-IPO (est.) | To be updated post allotment |
How will Oswal use the IPO money?
The fresh capital raised will be utilised as follows:
- ₹89.86 crore for capacity expansion
- ₹272.76 crore investment in Oswal Solar for a new manufacturing unit
- ₹280 crore for repaying debt of Oswal Pumps
- ₹31 crore for reducing debt in Oswal Solar
- Remaining towards general corporate purposes
This mix shows a focus on scaling production while also improving the balance sheet.
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Should you invest in the Oswal pumps IPO?
Let’s look at the case for and against.
Why you may consider investing
- Revenue and profit growth: PAT jumped nearly 6x between FY23 and FY24
- Exposure to green energy: Major supplier under the PM-KUSUM solar pump scheme
- Debt reduction plan: Significant funds allocated for repayment could improve financial strength
- Lower P/E post-IPO: Valuation eases from 62.54x to 24.22x, closer to sector averages
Things to watch out for
- Dependence on government orders: A large chunk of revenue comes from public sector demand
- High promoter holding: Pre-IPO, 99.88% is owned by the promoter—stake dilution is expected, but limited float may affect liquidity
- Pricing premium: Even with a drop in P/E, some may still find the valuation rich relative to peers
The investment requirement based on category
| Investor Type | Lots | Shares | @ ₹584 | @ ₹614 |
| Retail Min | 1 | 24 | ₹14,016 | ₹14,736 |
| Retail Max | 13 | 312 | ₹1,82,208 | ₹1,91,568 |
| sHNI Min | 14 | 336 | ₹1,96,224 | ₹2,06,304 |
| sHNI Max | 67 | 1,608 | ₹9,39,072 | ₹9,87,312 |
| bHNI Min | 68 | 1,632 | ₹9,95,488 | ₹10,02,048 |
Bottomline
The Oswal Pumps IPO offers a mix of scale, profitability, and green sector relevance. With solid revenue growth and a clear debt reduction plan, it’s aiming to attract investors looking for fundamentals. That said, the dependency on government business and pricing pressure could be points to weigh carefully.
If you’re planning to apply, go in with a clear view of the company’s business model—and make sure your investment horizon aligns with their long-term roadmap.
